Replies to post #1315 on Invesco QQQ Trust Series 1 (QQQ)

[royg1927]

Thanks smartone, yes it is rare for a stock to actually act like the highlight picks that show up in the books.

The question now gets to be as to how to play the apparent opportunity for SMH to retraeat to the bottom of the congestion zone.

As I write, the puts position is +42% to the good (May 30 puts last trade 1.04). I'm wondering, with such a long dark candle already printed today, if an upward retrace might threaten some of the morning's gain.

The indicators on the 15-minute chart are in heavily oversold territory, much more consistent with an upward retrace than immediately further south. However, last Wednesday's gap up open beckons.

Here's the 15-minute link (which I think only StockCharts members can see - it may come up daily).

http://stockcharts.com/h-sc/ui?s=SMH&id=p40478746148&def=Y&listNum=1